Hong Kong officials shot down a proposed bill to cap rent for shops in public housing estates on Friday, saying it was not in line with the Basic Law.The finding came three months after Regina Ip Lau Suk-yee, lawmaker and policy adviser to Chief Executive Carrie Lam Cheng Yuet-ngor, and legislator Alice Mak Mei-kuen submitted plans to limit rent increases for stores in malls managed by the Link Reit, Asia’s largest real estate investment trust.The proposals included capping rents with a formula…
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